Related Commentary  

553(1)  This section applies if–

(a)there is a material disposal of an oil licence which, at the time of the disposal, relates to an undeveloped area, and

(b)any of the consideration for the disposal consists of–

(i)another oil licence, or an interest in another oil licence, which at that time relates to an undeveloped area, or

(ii)an obligation to undertake exploration work or appraisal work in an area which is or forms part of the licensed area in relation to the licence disposed of.

553(2)  The value of the consideration within subsection (1)(b) is to be treated as nil for the purposes of–

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